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Danish airliner, Cimber Sterling in bankruptcy

Thursday, 03 May 2012
The listed Danish airline Cimber Sterling announced on Thursday that
the Board has decided to put the company into bankruptcy. "Sad for all
the worthless tickets," said the airline's CEO in a press release.

All flights of the company are set as from Thursday morning at 6.30,
according to Swedish news agency TT. The tour operator Spies has about
1 100 passengers that were supposed to fly with the airliner in the
future to places including Barcelona, Rome and Malaga. Spies decided in
the morning to secure flights for their clients, even those who only
bought the seat by Spies, writes Danish news agency, Ritzau.

Cimber Sterling is currently engaged traffic in Denmark and a number of
tourist destinations in Europe. In Sweden the company flies to
Norrköping and Växjö. Just a few weeks back the company flew the route
Bromma - Kastrup, according flight agency, Flygtorget.se.

Cimber Sterling was named earlier Cimber Air and based at Kastrup and
Billund in Denmark. The Company is in part a remnant of the bankrupt
Danish airline Sterling Airlines.

Cimber Sterling
has been characterized by large losses and, according to Danish media
had trouble paying its employees' salaries. Last year, the Skyway’s
Ukrainian owner, billionaire Igor Kolomoysky, placed a bid for the
company through his company's Manwell Enterprise.

According to Danish newspaper Boersen the airline's Ukrainian owners do
not longer want to support the company financially, and therefore
Cimber Sterling has now filed for bankruptcy.

"It is deeply regrettable that the board have had to make the decision
to seek the company out of business ... It's a sad day for Danish
Aviation. It is particularly sad for all passengers who are now sitting
with worthless tickets, "says CEO Jan Palmer to Danish business daily,
Boersen.
About 800 people work for the airline and the liquidator Lisa Bo Larsen hopes to save some jobs.
"We are very depressed right now. There is much to be handled by air,
and co-workers, so we have not fully embrace yet, "she says to
Boersen.dk.
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